This course is no longer available for credit on our site. Explore our online catalog to view more courses
On Demand
Unlimited

What You Need To Know About the New York State Brownfield Cleanup Program

1h 2m

Created on February 10, 2016

Intermediate

Overview

The New York State Brownfield Cleanup Program ("BCP") is a unique program that incentivizes the remediation and redevelopment of brownfield sites in New York State. Sites that are admitted receive, upon successful completion of cleanup, a release and covenant not to sue from the State and an array of tax credits for cleanup and, in some cases, development costs. Over 700 sites have been enrolled in the BCP since its inception, and tax credits generated by the Program exceed $1.2 billion. 

 

The presenter discusses all aspects of the BCP, including how to apply, what sites are eligible, what types of cleanups are required, and the tax credits available to successful applicants. He also discusses the significant changes to the BCP made by the New York State Legislature in 2015.

 

Learning Objectives:

I.     Learn what sites are eligible for the BCP, and how to apply

II.    Understand the step-by-step process by which sites are taken through the Program

III.   Examine how the New York State Department of Environmental Conservation (“DEC”) determines what cleanup levels and strategies will be required, and what end-uses will be permitted after sites are remediated

IV.   Learn the types and amounts of tax credits available under the 2003, 2008, and 2015 versions of the BCP

V.    Comprehend the process for obtaining Certificates of Completion, and deadlines for obtaining them that must be met in order to qualify for tax credits

VI.   Learn open issues under the 2015 amendments to the BCP, including the definition of "underutilized" for purposes of development credits for New York City sites

VII.  Explore practice pointers for maximizing the likelihood of site acceptance and the amount of tax credits available, and for minimizing the transaction costs of taking a site through the BCP

 

Gain access to this course, plus unlimited access to 1,800+ courses, with an Unlimited Subscription.

Explore Lawline Subscriptions